Dealer’s Diary
The key benchmark indices edged higher in early trade on firm Asian stocks. Metal stocks rose as metal prices gained on the London Metal Exchange, while auto stocks rose on expectations of strong 1Q results. The market extended gains in early afternoon trade. The Sensex finally closed below the psychological 18,000 mark after crossing that level during the day. European markets like France's CAC, Britain's FTSE and Germany's DAX were trading 1– 2% higher at the time of closing of Indian equities. The Sensex and Nifty closed up by 0.6% each. BSE mid-cap and small-cap indices gained 0.5% and 0.4%, respectively. Among the front liners, Sterlite, Tata Steel, Jindal Steel, M&M and Hindalco gained between 2–4%, while HDFC, Bharti Airtel, Cipla, HDFC Bank and Hero Honda were down by 1–2%. Among mid-caps, Motherson Sumi Systems, Usha Martin, REI Agro, TVS Motors and Arss Infra Projects were up by 6–7%, while Gee Kay Finance, Shree Renuka Sugars, Indraprastha Gas, Bayer Corp. and Emami declined by 3–5%.
The trend deciding level for the day is 17954 / 5392 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18035 – 18093 / 5416 – 5433 levels. However, if NIFTY trades below 17954 / 5392 levels for the first half-an-hour of trade then it may correct up to 17897 – 17816 / 5376 – 5352 levels.
Economic and Political News
· India, EU officials to meet in September on drug seizure issue
· Government to keep central GST concessional rate at 6%
· Engineering exports up by 90% in June
· Centre sanctions three more biomass cogeneration projects
Corporate News
· EIL FPO to hit capital market on July 27
· Vardhaman Textiles to spend Rs300cr this fiscal
· GTL Infra-Rel Infratel merger to be over by mid-August: Tirodkar
· REC aims to borrow US $1bn in overseas loans
· Nilkamal raises Rs59cr via QIP
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